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MRI Software Completes PropTech Group Acquisition

MRI Software Completes PropTech Group Acquisition
23 February 2023
 

MRI Software has completed its $93.4 million stock acquisition of PropTech Group.

The deal has secured approval from the Australian Competition and Consumer Commission (ACCC), Foreign Investment Review Board (FIRB), and Federal Court of Australia in February 2023. The deal value, $93.4 million, is equal to a nearly 250 per cent increase in value in just two years.

David Bowie, Senior Vice President and Executive Managing Director for MRI Software in Asia Pacific said: “This acquisition brings together two innovative PropTech companies dedicated to providing the greatest possible value to real estate agencies across Australia and New Zealand. The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property life cycle.”

Joe Hanna, CEO of PropTech Group, added, “This acquisition is a massive opportunity for PTG clients, who already enjoy the tight integration of our software. Many of MRI’s clients use PTG products like VaultRE or Eagle Software, and likewise, many PTG clients use offerings from MRI such as Box+Dice or PropertyTree. Now, we can innovate together to ensure the focus is exactly where it matters: on our clients.”

MRI Software also acquired several other businesses in 2022, including Johannesburg-based TPN Group, Springboard, PropertySuite and ApartmentData.com.

Picture: a graphic showing PropTech Group's logo. Image Credit: MRI Software

Article written by Ella Tansley | Published 23 February 2023

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